I. The Panel will be composed of IMA members, or others with appropriate professional expertise and knowledge of property assessment policies and practices in Canada.

II. The Panel will be appointed by the IMA Board and consist of six members including the Chair and an ex-officio member who is a past president of the IMA Board.

III. The IMA Board will appoint four members of the Panel for a three-year term, which may be renewed at the discretion of the IMA Board.

IV. The IMA Board will appoint one ex-officio member for a five-year term, which may be renewed at the discretion of the IMA Board.

V. The IMA Board will appoint a Chair of the Panel for a five-year term, which may be renewed at the discretion of the IMA Board.

VI. The Panel will provide guidance on matters of professional ethics and standards to all IMA members and other interested parties.

VII. The Panel will review and interpret the actions of IMA members with reference to the Code of Ethics and Professional Standards (the "Code") on behalf of the IMA Board, or in response to inquiries or complaints from parties that have a direct interest in the professional activity of IMA members.

VIII. The Panel may review and interpret the Code at any time, and will recommend to the IMA Board changes in the Code to ensure that it remains relevant to the IMA.

IX. The Panel will communicate its recommendations and decisions to IMA members in accordance with the following Guidelines.

GUIDELINES OF THE PANEL:

I. The Panel will accept all questions seeking an interpretation of the Code (the "Interpretation") from any IMA member, the IMA Board, or other interested party.

II. The Panel will provide its response to each request for Interpretation directly to the party that poses the question, with copies to the IMA Board, a posting on the IMA web page, and an editorial statement for publication in other media that may be chosen by the IMA Board.

III. The Panel will accept all questions or complaints with respect to the actions of a firm or individual (the "Evaluation") from any IMA member, the IMA Board, or other interested party.

IV. The Panel will treat as confidential all aspects of each Evaluation until it has ascertained the facts, considered the merits of each question or complaint, and reached a decision regarding the disposition of the matter. V. Recommendations from the Panel that may involve disciplinary action by the IMA Board will be conveyed in confidence to the Board. The Panel will not take independent action to communicate the scope of any Evaluation or its recommendations to the IMA Board.

VI. The Panel will convene by conference call or similar virtual meeting at the request of the Chair. Members of the Panel have an obligation to make themselves available at their earliest opportunity when requested by the Chair.

VII. The Chair will be responsible for drafting and circulating the agenda for each meeting of the Panel.

VIII. A member of the Panel other than the Chair will be selected to record: (i) a summary of the issues discussed at each meeting (ii) a list of actions and delegated responsibilities that arise from each meeting; and (iii) decisions or recommendations of the Panel that are communicated to the IMA Board.

IX. The Chair will approve all written records of discussions and decisions of the Panel, and circulate the results in accordance with these Guidelines.